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Hello all. So here is the situation. Friend family is about 70 and not in best health. He owns two houses free and clear. He just recently moved out of the one he's live in for a long time and into his mothers( she left him the home). All his stuff is still in the one he use to live in. He said he definitely wants to sell the house and has agreed to sell it to me. I recently got an appraisal but he thinks it's a little low and would like to get another price.
Here's the problem, he keeps saying he is committed to me but he is dragging his feet. He keeps saying he's trying to get another price but weeks go by and nothing. I've pressed him and said if he doesn't want to sell it to me that's absolutely 100% fine just let me know. He promises that he does want to sell and to me but he just keeps giving excuses as to why he hasn't gotten other prices.
I want to be respectful so I don't want to be pushy but is there anyway or anything I can do to take the bull by the horns here and lock him in. I'm worried that sooner or later something will happen to him regarding his health(hopefully not) and he will not be able to make this happen. He really has no family and no will so not sure what would happen to house in the sad case he passes.
Anything I can do to try and make a deal happen, even a soft deal so theres not much work or effort on his part but I can purchase/lock in on home? Rent to own etc. It would be an investment property.
Unusual situation I know but this ha been dragging on for over a year and I fee it will keep dragging on?
Set a deadline. Tell him that if he's unable to go to contract by a specific date, that you need to move on. You can offer some sort of incentive to motivate him as in raise the purchase price, make his life a little easier by offering to help move/pack his stuff in the house, offer to help with moving costs, finding a real estate lawyer for him to represent him, and perhaps some other personal incentives since he may be too unwell to deal with all of the headaches. There's really nothing legally binding that you can do to make this happen any quicker. It must be very frustrating for you.
Set a deadline. Tell him that if he's unable to go to contract by a specific date, that you need to move on. You can offer some sort of incentive to motivate him as in raise the purchase price, make his life a little easier by offering to help move/pack his stuff in the house, offer to help with moving costs, finding a real estate lawyer for him to represent him, and perhaps some other personal incentives since he may be too unwell to deal with all of the headaches. There's really nothing legally binding that you can do to make this happen any quicker. It must be very frustrating for you.
Thank you and it is. I think it really doesn't matter to him whether the deal happens or not. No real motivation for him.
When he says "get another price" does he mean another appraisal? If so give him the names of some appraisers, ask him to pick one and you'll make the call to arrange it. If that doesn't work, forget it. Some people, especially elderly people, can't get out of their own way.
When he says "get another price" does he mean another appraisal? If so give him the names of some appraisers, ask him to pick one and you'll make the call to arrange it. If that doesn't work, forget it. Some people, especially elderly people, can't get out of their own way.
Yes appraiser or real estate. Will RA give a price they think it could go for if you don't commit to using them?
Yes appraiser or real estate. Will RA give a price they think it could go for if you don't commit to using them?
Sure. You should always interview a few agents and they should be able to give you a market valuation for the house at that time. When we sold our LI house the agent we went with showed up with comps, sample brochures and a marketing plan. If he thinks your appraisal is low, then getting some agents in with comps is probably a good idea.
It sounds as if perhaps one reason why he's dragging his feet is that he's having a hard time honestly facing the prospect of selling that house. One of those "head says yes but heart says no" things. I can sympathize in a way because even though I only lived in my previous house for twelve years, I was so emotionally invested in it (loved it the first time I set foot in it) that I kept procrastinating about pulling the trigger to list. It was amazing how many times I could rationalize not calling an agent today, or getting back to another one "sometime next week" with a yes or no for almost a year before actually listing.
Eventually it got to the point where I absolutely couldn't wait any longer (financially) but even then, I cried like a baby as I drove away from the closing after handing over those keys. And I was younger than the OP's family friend and it was not my childhood home.
Looking at one of your other posts, OP, is this house in the Brightwaters area? If so, having lived in that area for 25+ years until recently, I can tell you that if your friend gets an estimate from Eric Ramsey's office it will be high. They are notorious for jacking up their estimates of selling prices, and also for trying to convince sellers to give them an office exclusive "just for a while" before putting it on MLSLI. I would suggest at the very least he goes to a couple of other realtors, say in West Islip, Babylon, or Islip if Ramsey is going to be one of them. Ramsey is always in la-la land with their estimates/comps at the start and that does not bode well for you if theirs is the only number he gets.
To be honest if I were in your situation I'd offer to pay for having an independent appraisal done. Not a freebie from a realtor. When we had a death in the family and I was the executor that's what I did because the local realtors were all trying to snag the listing for themselves. I finally got disgusted and asked my lawyer for the name of an appraisal service. It cost a couple hundred dollars at the time (early 2000s) but was worth it.
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